Loading chat...
ND HB1547
Bill
Status
10/25/2023
Primary Sponsor
Legislative Management
Click for details
AI Summary
-
Increases the Public Employees Retirement System (PERS) board from nine to eleven members with restructured appointment authority.
-
Shifts legislative appointments from the chairman of legislative management to the majority leaders of the house and senate, who each appoint two members serving two-year terms at their pleasure.
-
Replaces the attorney general appointment with a requirement that the state health officer or designee serve on the board.
-
Maintains the actuarial rate of return assumption for the PERS main system defined benefit plan at no less than 6.5 percent during the 2023-25 biennium.
-
Requires PERS to conduct an informational campaign during 2023-25 to educate state employees about the transition from defined benefit to defined contribution retirement plans, with retroactive application to July 1, 2023.
Legislative Description
The membership of the public employees retirement system board; to provide for duties of the public employees retirement system and public employees retirement system board; to provide for a transition; to provide an exemption; to provide for retroactive application; and to provide an effective date.
Last Action
Filed with Secretary Of State 10/25
10/30/2023